News from our Friends at Nationwide Mortgage

Hey Friends,

This is your Hard Money Lender Billy A here sharing more news from our friends at Nationwide:

1. CFPB proposes new rules that could put loan originators out of business. It will certainly create work for our direct endorsement lender clients as well as other lenders we represent.

2. No Points option to required.

3. Loan Originator point reduction to be allowed under certain conditions.

4. Loan Servicers to be subject to more disclosures to the consumer and to give more details

5. CFPB and five other agencies to require physical inspections of property by appraisers on “higher risk” loans.

6. CFPB to expand HOEPA to apply to residential purchase money, closed end equity loans, open end credit and other loans.

7. HUD reminder on $1 million net worth and 20% liquidity applies only to the minimum net worth not the total net worth. Read carefully.

8. Key Provisions to the California Homeowner Bill of Rights. Read carefully because it can and will slow up the foreclosure process. Question is: Will it also make lenders stop offering loan modifications.

9. San Diego County, California real estate agent pleads guilty to mortgage fraud.

10. Satish Suri of Philadelphia, Pennsylvania arrested for HUD/FHA mortgage fraud.

11. Annandale, Virginia loan officer pleads guilty to mortgage fraud.

For the full report click here:   Full Report

In the meantime, don’t forget to

That’s it for now.  Make it another great day!

Your Hard Money Lender,

Billy A